Life Insurance

Martinez Insurance

What is life insurance?

In general terms, it is a contract that states an insurer will pay a beneficiary a specified sum of money after the person who buys the insurance dies. In other words, it is a way for people to help their families out financially after death.

How does it work?

When someone buys this insurance, they choose someone to be the beneficiary. When they die, the beneficiary will be paid a predetermined amount of money. There is a lot more to it than just that, but this is the basic idea of how a life-based contract works.

Who's it for?

Life insurance is something that most people can benefit from. However, certain health conditions may cause someone to get denied for insurance, or cause them to have a higher premium. There are also certain age groups that will most likely benefit more from a life-based contract. For example, children are a lot less likely to need this type of insurance when compared to middle-aged folks.

In general, you should consider this insurance if you have people you will be leaving behind that you want to help out financially. A person with no living relatives or friends probably won’t have a need to get this type of insurance. However, someone who works and provides for their family likely would.

Types of plans

Like other forms of insurance, you will have many different options to choose from. With some plans you will pay the premium upfront, and others will have you pay over time. Some plans will also cover things like funeral and burial costs, while others may not. There are many different plans that are suited to fit people in all different types of situations.

Benefits

The biggest benefit of a life-based contract is being able to financially assist your loved ones after you pass away. Some families are taken care of in other ways, but when a family member passes suddenly, the extra money comes in handy.